Cannabis Monthly Q&A + Industry Sales Tracker Update Call
CALL DETAILS:
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Tomorrow, July 19th, we will be presenting our industry sales tracker update and doing a Q&A with Consumables Sector Head Howard Penney and Macro Policy Sector Head JT Taylor. We will be running through the dynamics in the industry, which include increased volume but a decrease in pricing power, leading to decelerated sales trends within the industry. We will be asking JT questions about the chances of getting cannabis legislative passed before the midterms, expected outcomes, and what that means for the cannabis industry.
BIDEN SPEAKs ON CANNABIS
The timing of these comments getting off Air Force One, a 39% approval rating, and the potential need for a policy win is interesting.
For the first time since taking office,e President Joe Biden said that his administration is working on plants to free people who have been incarcerated for cannabis. "I don't think anyone should be in prison for the use of marijuana," Biden said in response to a question from The New York Post's Steven Nelson on Saturday night after stepping off Marine One on the White House lawn. "We're working on the crime bill now," the president added —though it's unclear what legislation he was referring to. The president did grant clemency to a handful of imprisoned related prisoners in April, far from the passing a bill or initiating a mass pardon that many politicians were hoping for, but a move in the right direction at the least.
Movement in the Senate?
Last week, it was rumored that the long-awaited CAOA could be made public this week.
"It's been a year since Senate Majority Leader Chuck Schumer (D-NY), Senate Finance Committee Chairman Ron Wyden (D-OR), and Sen. Cory Booker (D-NJ) first released a draft version of comprehensive legislation to end federal cannabis prohibition and promote social equity in the industry." Some sources say this timeline could be pushed out, and the details on how the bill has changed from a year ago are widely unknown. It is not expected that Senate Republicans would vote in favor of this bill, especially if tax revenue is used to meet equity objectives.
